Singapore-based digital financial services platform Atome Financial announced today that it has achieved substantial growth alongside full-year profitability.

The company, which encompasses Buy-Now-Pay-Later (BNPL) offerings, Atome Card, and Kredit Pintar, is a part of the Singapore-headquartered Advance Intelligence Group.

Also Read: From start-up to scale-up: Atome’s growth story and vision for inclusive finance in SEA

The platform reported an operating income of US$236 million in 2024, a 63 per cent rise year over year. According to the firm, this performance is attributed to disciplined execution, operational efficiency, and the ability to scale effectively even in a challenging macroeconomic climate.

Net revenue surpassed US$500 million in Q2 (April-June) 2025, driven by an over US$4 billion annualised Gross Merchandise Volume (GMV). In 2024, Atome claims to have processed over US$2 billion in GMV, representing a 50 per cent increase year-on-year, propelled by “robust merchant partnerships and growing consumer adoption” across the region.

Key performance drivers contributing to Atome Financial’s strong showing include:

• Product diversification: The expansion of offerings to include insurance, savings, cards, and lending. Notably, the Atome PayLater Anywhere Card in the Philippines saw accelerated adoption, with the total number of cards issued exceeding 1.5 million as of June 2025.
• Operational excellence: Streamlined processes, a strong focus on core business functions, and the rapid deployment of Generative AI to enhance customer service, collections, and credit underwriting.
• Capital support: A strengthened funding base from a diverse group of global and regional institutional partners. These include BlackRock, EvolutionX, Innoven Capital, CLSA’s Lending Ark, and an expanded syndicated credit facility led by HSBC, with participation from DBS, SMBC, and Baiduri Bank. Additional institutional funding partners backing Atome Financial include Standard Chartered, Bank Jago, and many others.

Also Read: Scaling with purpose: Atome’s fintech evolution and future outlook

Jefferson Chen, CEO of Atome Financial, commented, “Atome Financial’s record performance in 2024 and H1 2025 reaffirms the strength of our ‘wallet’ platform and our ability to grow sustainably while delivering real value to consumers and partners. Since day one, our mission has been to improve lives through greater financial access and technology. With a profitable BNPL business, a growing Atome Card franchise and broadening funding partnerships, we are well-positioned to shape the next phase of financial inclusion in Southeast Asia.”

Launched in December 2019, Atome offers flexible deferred payments through its mobile app to consumers across the region. It also provides digital consumer loans in Indonesia through the Kredit Pintar mobile app.

In June this year, Atome secured a US$75 million asset-backed financing facility from Lending Ark to accelerate its core mission in the Philippines: enhancing access to risk-managed, responsible, and sustainable credit products for Filipino consumers.

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On this late summer day in 2025, financial markets around the world display a mix of caution and optimism as investors digest a flurry of economic data, geopolitical tensions, and corporate developments. The overarching narrative centres on anticipation for key upcoming events like Nvidia’s earnings report and the personal consumption expenditures inflation figures, which could sway Federal Reserve decisions on interest rates.

At the same time, President Donald Trump’s bold move to dismiss Federal Reserve Governor Lisa Cook injects fresh uncertainty into the mix, highlighting ongoing frictions between the White House and the central bank. Stocks in the United States closed lower yesterday, with the S&P 500 dropping 0.3 per cent to around 6,439, the Dow Jones Industrial Average shedding 349 points to finish at approximately 44,150, and the Nasdaq 100 declining 0.4 per cent amid sector rotations that hit consumer staples, health care, and utilities hardest.

This pullback follows a strong rally last week, driven by dovish comments from Fed Chair Jerome Powell at the Jackson Hole symposium, where he signalled potential rate cuts as early as September. Traders now price in an 86 per cent likelihood of such a move, reflecting hopes that lower borrowing costs will bolster economic growth amid signs of cooling inflation.

Trump’s move against the Fed

Turning to the macroeconomic landscape, Trump’s announcement yesterday afternoon marks a significant escalation in his longstanding feud with the Federal Reserve over monetary policy. He cited allegations of mortgage fraud against Cook, a claim that has drawn sharp rebukes from Democrats and raised questions about the independence of the central bank. Cook, for her part, quickly responded that she intends to continue her duties, setting the stage for potential legal battles.

This development comes at a delicate time, as the Fed navigates dual mandates of price stability and maximum employment. Experts view the action as an attempt by Trump to exert more influence over interest rate decisions, particularly after he has repeatedly criticised the Fed for not cutting rates aggressively enough to support his economic agenda.

The president posted the removal letter on his Truth Social account, accusing Cook of deceitful conduct in financial matters and expressing a lack of confidence in her ability to serve. While markets initially shrugged off the news, with the dollar paring some losses, the incident underscores broader concerns about policy interference that could erode investor trust in the institution responsible for steering the world’s largest economy.

Economic indicators and housing trends

Recent economic indicators paint a picture of an economy that remains resilient but shows pockets of weakness. New single-family home sales in July slipped 0.6 per cent to a seasonally adjusted annual rate of 652,000 units, which beat economists’ expectations of 630,000 but represented a slowdown from June’s revised 4.1 per cent gain.

Also Read: Powell’s pivot: How Jackson Hole reshaped markets and what comes next

The median sales price dropped to US$403,800, down 5.9 per cent year-over-year, suggesting builders are offering incentives like price cuts and mortgage rate buydowns to attract buyers in a high-interest environment. This data aligns with broader housing market trends, where affordability challenges persist despite a gradual easing in mortgage rates.

Meanwhile, the Dallas Fed’s Texas Manufacturing Outlook Survey for August revealed a dip in activity, with the general business activity index falling to -1.8 from 0.9 in July, indicating a mild contraction in the sector. Production slowed to 15.3 from 21.3, though it stayed above long-term averages, and new orders turned positive at 5.8 for the first time since January.

Employment held steady at 8.8, with one in five firms adding staff while 11 per cent reduced headcounts. Capacity utilisation and shipments provided some bright spots, with the latter surging to a three-year high of 14.2. These figures highlight regional disparities, as Texas grapples with energy sector fluctuations and supply chain issues, yet overall sentiment points to cautious optimism for future growth.

The Chicago Fed National Activity Index edged lower to -0.19 in July from -0.18 in June, marking the fourth consecutive month of below-trend economic activity. Only one of the four broad categories, production worsened, while three others continued to drag on the index, underscoring persistent headwinds in employment, sales, and personal consumption.

This subpar performance reinforces the narrative of a cooling economy, which bolsters the case for Fed rate cuts but also raises flags about potential recession risks if growth stalls further. Investors closely monitor these metrics, as they influence expectations for monetary policy adjustments that could ripple through asset classes.

Regional markets: US, Europe, and Asia

In equities, European markets mirrored the US downturn yesterday, with the STOXX Europe 50 falling 0.8 per cent to 5,444 and the broader STOXX 600 declining 0.5 per cent to 559. Banks bore the brunt of the losses, as investors reassessed rate-cut probabilities following Powell’s remarks.

Notable movers included BBVA down two per cent, BNP Paribas dropping 3.5 per cent, and UniCredit slipping 0.4 per cent after it converted its stake in Commerzbank to shares. On the positive side, JDE Peet’s soared 17.5 per cent amid a 15.7 billion euro takeover bid by Keurig Dr Pepper.

In comparison, Puma climbed 16 per cent on speculation of a potential acquisition by the Pinault family. These corporate deals inject some buoyancy, but the overall retreat reflects trimmed bets on aggressive Fed easing, even as European Central Bank officials hint at their own policy shifts.

Asian markets provided a counterpoint, with substantial gains in Hong Kong and mainland China yesterday. The Hang Seng Index surged 1.9 per cent to 25,830, its highest level since October 2021, fuelled by US rate-cut hopes and fresh stimulus from Beijing. The People’s Bank of China injected a net 465.7 billion yuan into the system, the largest daily addition since July, boosting liquidity and propelling tech stocks higher.

The Hang Seng Tech Index rose three per cent ahead of Nvidia’s earnings, with standout performers like KE Holdings up 5.6 per cent, Galaxy Entertainment gaining 5.3 per cent, Lenovo advancing 3.9 per cent, Meituan climbing three per cent, and Tencent rising 2.4 per cent. Consumer, property, and financial sectors also benefited from Shanghai’s decision to scrap property taxes for first-time homebuyers.

Also Read: Jackson Hole looms: Can Powell save markets from a global risk meltdown?

In China, the Shanghai Composite climbed 1.51 per cent to 3,884, a 10-year high, while the Shenzhen Component gained 2.26 per cent to 12,441. This rally stems from easing US-China trade tensions, policy support expectations, and positive spillover from Wall Street’s recent surge.

Investors now await the upcoming purchasing managers’ index and industrial profit data for further clues on China’s recovery trajectory. Top gainers included Cambricon up 11.4 per cent, China Northern Rare Earth advancing 9.9 per cent, and Hygon Information soaring 12.9 per cent.

Currencies, commodities, and fixed income

In foreign exchange markets, the US dollar staged a rebound, with the DXY index climbing to 98.20 amid broader currency fluctuations. The euro weakened against the greenback, reflecting divergent monetary policy outlooks between the Fed and the European Central Bank.

This strength in the dollar comes despite Trump’s Fed actions, which initially pressured the currency but later saw it pare losses as gold trimmed gains. Commodities extended their upward momentum, with oil prices touching US$65 per barrel after four straight days of gains. Brent crude eased slightly today after surging nearly two per cent yesterday on concerns over Russia-Ukraine supply disruptions, but the overall trend points to tightening global inventories and geopolitical risks supporting higher prices.

In fixed income, demand for short-term US Treasuries remained robust, with three- and six-month bills attracting strong bids at recent auctions. Yields on the 10-year note hovered around 4.26 per cent last week, down modestly as investors sought safety amid equity volatility.

Crypto sector shifts and Ethereum’s momentum

The cryptocurrency sector experienced significant turbulence, with digital asset investment products recording US$1.43 billion in outflows last week, the heaviest since March, according to CoinShares. Trading volumes in exchange-traded products jumped to US$38 billion, 50 per cent above the 2025 average, reflecting heightened activity amid shifting sentiment tied to US monetary policy signals.

Early-week outflows reached US$2 billion, but inflows of US$594 million materialised later following Powell’s dovish Jackson Hole speech. Bitcoin suffered the most, with US$1 billion in outflows, while Ethereum saw US$440 million exit, though the latter rebounded strongly mid-week. Month-to-date, Ethereum boasts US$2.5 billion in net inflows compared to Bitcoin’s US$1 billion outflows, adjusting year-to-date figures to 26 per cent of assets under management for Ethereum versus 11 per cent for Bitcoin.

This divergence suggests institutional investors are reallocating toward Ethereum, drawn by its role in layer-two networks and growing adoption through exchange-traded funds. Altcoins showed mixed results, with XRP attracting US$25 million, Solana US$12 million, and Cronos US$4.4 million, indicating selective confidence in ecosystems with robust user bases.

Also Read: Bitcoin’s big moment: Can crypto shine as stocks stumble before Jackson Hole?

Tom Lee from Bitmine highlight Ethereum’s potential, predicting prices could reach US$10,000 by year-end 2025, with upside to US$12,000-US$15,000 in bullish scenarios. Lee draws parallels to Bitcoin’s 2017 surge, emphasising Ethereum’s utility in decentralised finance and corporate treasury strategies.

He points to key support levels around US$4,300, where buyers have historically intervened, and notes that holding above US$4,067 could stabilise the asset short-term. Breaking US$5,100 might trigger a rally toward US$5,450, levels that guide strategic trading rather than impulsive moves.

Beyond speculation, Ethereum positions itself as a foundational element in digital finance, attracting hedge funds, family offices, and corporations for long-term holdings rather than quick trades. In a volatile market, Lee’s counsel emphasises patience, adherence to plans, and vigilance on price thresholds to navigate dips as buying opportunities.

Outlook: Navigating opportunity and risk

From my perspective, today’s dynamics reveal an economy at a crossroads. Trump’s intervention in the Fed risks politicising an institution designed for independence, potentially leading to market instability if it erodes global confidence in US policy.

The resilient economic data, better-than-expected home sales, and positive new orders in manufacturing suggest the foundation remains solid, supporting Powell’s case for measured rate cuts. Asian gains underscore how interconnected global markets have become, with China’s stimulus providing a buffer against US uncertainties.

In crypto, the shift toward Ethereum signals maturing investor preferences, favoring utility over pure store-of-value narratives like Bitcoin’s “digital gold.” Overall, while short-term volatility looms with Nvidia’s report and PCE data, the broader outlook favours growth if policymakers avoid missteps.

Investors who focus on fundamentals over headlines stand to benefit, as these events test the durability of the post-pandemic recovery. This intricate web of factors demands careful navigation, but it also offers opportunities for those attuned to the nuances.

—

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Image courtesy: DALL-E

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The world of Web3 gaming, once hyped as a revolution and then dismissed as a fad, is quietly entering a new phase. At the forefront of this shift is Bitkraft Ventures, a US$1 billion global gaming-focused VC firm founded by gamers for gamers.

For Jonathan Huang, Partner at Bitkraft and a veteran of both Web2 and Web3 investing in Asia, this moment marks what he calls “Web3 Gaming 2.0”, a reset that strips away speculative excess and brings the focus back to games worth playing.

Also Read: ‘There is strong reaction against the P2E gaming genre’: BITKRAFT Asia Partner Jin Oh

Huang, who previously spearheaded Temasek’s late-stage investment into Roblox before joining Bitkraft in 2023, believes the industry has matured past the token-fuelled frenzy of Axie Infinity and other play-to-earn titles.

“The fundamental shift now,” he says, “is a return to first principles, where games must create genuine entertainment value before capturing economic value. The first wave of Web3 games inverted that logic.”

From play-to-earn to play-to-stay

The early crypto-gaming boom promised players the chance to earn money through gameplay. Instead, most titles devolved into thinly disguised financial products with little fun attached. When token prices collapsed, so too did player enthusiasm.

Huang argues that the next generation of blockchain-enabled titles is different. “Blockchain should be the infrastructure, not the value proposition,” he says. “The design space only becomes interesting once you ask: are you solving a real problem in Web2 gaming, or unlocking a new kind of use case?”

That means blockchain will increasingly power persistent state and player agency–the invisible rails that enable new gameplay loops and ownership models–rather than serve as a marketing hook. The best studios are now gameplay-first, staffed with AAA veterans who see blockchain as a tool, not a gimmick.

Interoperability: Beyond swords and skins

If early Web3 gaming narratives were dominated by visions of players carrying swords across different game worlds, Huang is quick to dismiss them. “That narrative is dead on arrival,” he says bluntly. “Games are fundamentally designed by their constraints. A sword balanced for one game breaks another’s economy. Assets without context are just database entries.”

Instead, Bitkraft sees promise in portable reputation and social capital. Hours are logged in DOTA 2, win rates are in Fortnite, and rankings are in Clash Royale; today, these data points are siloed on different platforms.

Blockchain could unify them, giving players a persistent identity across the gaming universe. “No single platform has a holistic view of who you are as a gamer,” Huang notes. “Unlocking this creates tremendous value. It just has nothing to do with transferring swords.”

Yet he cautions that most interoperability use cases in Web3 add more complexity than benefit. “You’d really have to ask what problem you’re solving that centralised solutions couldn’t.”

A post-crash reset in Southeast Asia

The collapse of the play-to-earn hype cycle has had a cleansing effect on Southeast Asia, once the epicentre of Axie Infinity’s rise. Opportunistic founders chasing fast token launches have largely exited, replaced by entrepreneurs building with a decade-long horizon.

“Seed funding is harder, but raising follow-on rounds is easier than ever,” says Huang. “That tells you the market has matured. The founders we back today are optimising for five- to ten-year outcomes, not five-month paydays.”

For Bitkraft, that’s a healthier environment. Southeast Asia’s combination of mobile-first gamers, high digital wallet penetration, and willingness to experiment still makes it fertile ground for the next Web3 breakthroughs. Singapore, in particular, has emerged as a hub for both capital and talent.

History repeats, and that’s a good thing

To critics who dismiss Web3 gaming as hype, Huang offers a history lesson. He points to the Atari shock of the 1980s, when console revenues collapsed from US$3 billion to US$100 million, only for Nintendo to reinvent the category. He recalls the dot-com crash, when online console gaming was declared dead—until Xbox Live and Halo 2 proved otherwise.

He also cites the 2011 collapse of social gaming, when Facebook killed viral spam and investors fled, just before Supercell and King redefined mobile-native hits.

“Every platform shift follows the same arc,” he says. “Speculation, terrible early products, spectacular crashes, obituaries, and then genuine innovation from builders who understand the medium. We’re currently in year two or three of the hatred cycle. That’s exactly when the most important games emerge.”

For Bitkraft, the holy grail isn’t just games with tokens, but games that could not exist without crypto. Huang predicts that by 2030, the biggest games will use blockchain as seamlessly as today’s titles use the internet.

What comes next

Huang and Bitkraft are tracking non-obvious shifts: from new monetisation models built on player-owned economies, to generative AI streamlining customer service and game balancing, to decentralised identity systems reshaping how players build cross-platform reputations. Each points to a broader transformation of the gamer’s relationship with platforms.

Also Read: How community-led platforms are powering the next wave of Web3 gaming

“Web3’s real promise isn’t speculation,” Huang insists. “It’s agency. It’s about giving players ownership of their time, achievements, and communities in a way that Web2 platforms never could.”

If history is any guide, the skeptics will continue to dominate headlines until the breakout hits arrive. But for Bitkraft, Southeast Asia is already incubating the developers who will write the next chapter. “The biggest games of 2030,” Huang says with quiet certainty, “will be built on crypto rails. We just need patience to see it through.”

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Artificial intelligence (AI) is no longer the future; it’s the present engine propelling Asian startups to tackle real-world challenges across healthcare, travel, mobility, customer experience, security, and more.

The confidence behind their progress isn’t just hype: Asia‑Pacific’s healthcare AI market alone is expected to surge from about US$860 million in 2025 to US$3.27 billion by 2031, growing at a robust 24.9 per cent CAGR.

In parallel, Singapore is leading Southeast Asia in healthcare AI investment, with its market projected to surpass US$1.5 billion by 2025, thanks in large part to initiatives like Smart Nation, AI Singapore, and Startup SG.

Enter a new generation of homegrown AI innovators. From Singapore’s ConnectingDNA (genomics-powered well-being) to Taiwan’s dentall.ai, Thailand’s Spacely AI, and Indonesia’s bubbME.AI, these startups reflect a vibrant ecosystem.

Others span from mobility safety with Vision AI in Rider Dome (Singapore) to unified enterprise AI platforms like Shieldbase. Their missions are diverse, but one thing connects them all: the drive to solve deep-rooted, everyday problems using artificial intelligence.

Below is the list of several emerging Asian startups that leverage artificial intelligence to solve specific problems in their respective markets:

ConnectingDNA

Profile	Country	Founding year
ConnectingDNA seeks to use human connection, data technology, holistic solutions, and knowledge of our individual genetics to help people achieve sustainable well-being and greater longevity.	Singapore	2021

Leamigo

Profile	Country	Founding year
An B2B platform for agents to book global activities and transfers, with direct access to 20,000 suppliers.	India	2017

dentall Co

Profile	Country	Founding year
It provides a dental cloud-based practice management system in Taiwan, called “dentallHiS”. It has developed “dentall.ai,” a software empowered by generative AI technology to elevate communication and treatment quality between dentists and patients.	Taiwan	2016

Rider Dome

Profile	Country	Founding year
Rider Dome is a motorcycle safety solution powered by Vision AI. The system detects and alerts riders to critical road threats aimed for motorcycle OEMs and large fleets.	Singaopore	2021

Spacely AI

Profile	Country	Founding year
Spacely aims to revolutionise how the world visualises architecture and interior design. Based in Bangkok and serving 1,500+ design firms across 50+ countries, it claims to have delivered over two million AI-generated renders.	Thailand	2023

Bubbme AI

Profile	Country	Founding year
bubbME.AI is an integrated and gamified adolescent healthcare monitor that combats bullying and gender-based violence using AI and Big Data.	Indonesia	2021

Good Bards

Profile	Country	Founding year
Good Bards is an agentic AI for marketing with all the integrations and resources mid-sized businesses need to inform, automate and optimise their customer engagement.	Singapore	2023

Shieldbase AI

Profile	Country	Founding year
Shieldbase helps enterprises adopt AI in the workplace safely and effectively, with a strong emphasis on data privacy, compliance, and governance. Its AI Operating System integrates fragmented tools, workflows, and data sources into a unified, secure platform.	Singapore	2024

Hello Ello

Profile	Country	Founding year
ELLO is an AI-powered home monitoring assistant that transforms your existing camera feed into natural, intelligent conversations.	Singapore	2025

AidMi

Profile	Country	Founding year
AidMi is building an AI-powered clinical assistant that helps doctors deliver better care–before, during, and between visits.	Singapore	2024

MUI-Robotics

Profile	Country	Founding year
MUI-Robotics provides Sensory AI, an AI-powered smell-sensing technology that imitates the human sense of smell. Its tech is used in quality control and environmental monitoring.	Singapore	2021

Momos

Profile	Country	Founding year
Momos builds AI that helps multi-location brands grow by caring for every customer at every store 24/7. Its AI-native Customer Platform powers over 20,000 locations globally across QSR, F&B, retail, healthcare, and personal care.	Singapore	2021

Obiguard

Profile	Country	Founding year
Obiguard is an AI risk management platform built to align with your business needs, protect critical assets, and ensure safe, compliant AI deployment across industries.	Malaysia	2024

 

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Singapore-focused Earth Venture Capital has invested in the US$100 million Series B funding round of US-based Aalo Atomics, a next-generation nuclear energy startup.

Valor Equity Partners is the lead investor.

The funding will be used to construct Aalo’s inaugural nuclear power plant, the Aalo-X, at the Idaho National Laboratory in the US. With criticality targeted for next summer, this project will become the first advanced nuclear facility to commence operations in the US in decades.

This deal comes a year after Earth VC’s investment in Aalo’s US$27 million investment round in 2024.

Also Read: Is Southeast Asia’s data centre boom headed for a PR crisis?

Crucially for the tech sector, this demonstration plant will be paired with an experimental data centre built directly alongside it, showcasing a novel approach to addressing AI’s insatiable energy demands.

The AI-energy nexus and Asia’s urgent need

The implications for Asia, particularly Southeast Asia, are profound. The region is grappling with an escalating energy crisis driven by rapid digital expansion.

Between 2019 and 2023, data centre capacity in Southeast Asia expanded by nearly 30 per cent, consuming an astonishing four to five times more power per square metre than traditional factories. In India, data centre capacity is projected to double by 2026, a direct reflection of surging demand from digital and AI infrastructure.

Across the broader Asia-Pacific region, inventory growth exceeding 20 per cent year-on-year paints a stark picture, with forecast electricity shortfalls of 15-25 GW by 2028. This data underscores an urgent, unmet requirement for clean, reliable baseload energy. Aalo’s modular reactor technology aims to address this pressing issue.

In contrast to conventional gigawatt-scale nuclear installations, Aalo’s reactors are engineered for factory production and rapid, fleet deployment. This design philosophy enables their swift and efficient integration to power critical infrastructure such as data centres, industrial clusters, and utility networks.

Aalo’s strategic roadmap involves scaling from its demonstration plant to deploying thousands of “Aalo Pods.” Each Pod is envisioned to comprise five Aalo-1 reactors and one turbine, designed to power data centres at an unprecedented scale.

The company’s long-term ambition is to slash electricity costs to an exceptionally competitive US$0.03 per kWh, positioning nuclear energy to rival renewables and natural gas in affordability.

Also Read: The AI-energy paradox: Will AI spark a green energy revolution or deepen the global energy crisis?

For Earth VC, Aalo’s Series B achievement resonates deeply with its core mission: to champion ambitious deep tech innovators capable of facilitating the decarbonisation of Emerging Asia and safeguarding prosperity on a habitable planet.

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Zhang Fan’s journey with founders–from Maxscend’s slow climb to billions in market capitalisation to mentoring AI-driven startups across Southeast Asia–highlights a simple but powerful truth: technology may start the story, but it’s people, persistence, and practical value that finish it.

As Southeast Asia cements its position as a rising innovation hub, his words resonate as both a challenge and a reminder: tomorrow’s difference makers aren’t just those who shine on stage and quietly keep going when the odds stack high.

Zhang Fan, former founding Managing Partner of Sequoia Capital China and Visionary Partner of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC) by the Singapore Management University, has spent decades backing founders who redefine industries. From early bets on China’s semiconductor pioneers to mentoring student-led startups in Southeast Asia, he has consistently emphasised grit, resilience, and practical value over hype.

Also Read: 60 global startups to compete for US$2M prize at LKYGBPC grand finals

e27 spoke with him to discuss his investment philosophy, lessons from the early days of Maxscend Microelectronics, and why Southeast Asia is brimming with entrepreneurial promise.

You’ve often said you don’t evaluate startups based on hype. Where does that philosophy come from?

It comes from experience. In the early 2000s, I invested in a small startup called Maxscend Microelectronics. The company wanted to build an IC chip that would let mobile phones receive terrestrial TV signals. It felt like a bold, inevitable convergence between broadcasting and mobility at that time.

I didn’t start with spreadsheets; I started with a conversation. These engineers had just returned from Silicon Valley, and their conviction about China’s rising electronics demand was palpable. That belief compelled me to back them.

But the journey was brutal. The company’s first three products failed commercially. They were technically sound, but the market wasn’t ready. Yet what impressed me was how the team refused to give up. By 2010, the team realised the real pain point was in radio frequency (RF) front-end components for smartphones. It quietly pivoted, partnered with TSMC, and launched a low-noise amplifier that global smartphone makers embraced.

Fast-forward: By 2019, Maxscend went public in Shenzhen, and today, it is worth over RMB 41 billion (US$5.7 billion). The lesson? Technology alone doesn’t build enduring companies. It’s about teams that persist, learn, and adapt until they find the right fit.

What do you look for in founders when backing early-stage startups?

I dive into the messy parts: revenue dips, broken funnels, failed go-to-market attempts. I do this not to challenge them but to understand the gravity they’ve fought against.

Resilient founders aren’t afraid of failure; they treat it as feedback. Even now, in the age of AI, where possibilities seem limitless, my compass hasn’t changed. I ask: Does this solve a pain so essential that people will demand it ten years from now?

If the answer is no, then it’s just another flashy demo. That’s why I value practicality over presentation, what I call “practical value.”

Can you share examples of founders who embody this kind of resilience?

Absolutely. Look at Alexandr Wang, who founded Scale AI. He built it to solve a data-labelling challenge he personally encountered. That kind of firsthand problem-solving creates lasting impact.

Closer to home, Lenard Zhuang in Southeast Asia is modernising construction safety using AI-powered video analytics. It’s not glamorous, but it addresses a mission-critical need that saves lives and reduces risk in an overlooked sector.

When local understanding meets global ambition, you get resilience that’s hard to replicate.

You’ve been actively involved with Southeast Asia’s innovation ecosystem. What excites you about it?

The energy here is palpable. Beyond the sheer scale of opportunity, what excites me most are the founders, especially student founders, who are solving real problems.

Singapore Management University’s Whitepaper on Innovation and Entrepreneurship highlights how universities in this region are becoming hubs for scalable and sustainable talent. I’ve seen it firsthand while reviewing submissions for the Zhang Fan Global AI Initiative Award, part of the LKYGBPC.

These founders aren’t chasing applause. They’re building purposeful solutions, often with sharp market understanding and a clear focus. It’s deeply energising to witness.

What will you look for in the next generation of entrepreneurs when you meet them in Singapore this September?

I’ll apply the same lens I used with Maxscend two decades ago. I want to see if they have discipline, humility, and practical value. Do they listen harder after each failure? Do they adapt instead of giving up? Are they building something that will stand the test of time?

Also Read: Why startup founders should not escape failure

True success doesn’t lie in the spotlight. It’s built in those quiet, determined moments when founders keep pushing forward long after others have stopped believing.

Finally, what advice would you give to young founders just starting out?

Start close to home. The strongest ideas often come from problems you’ve personally faced. Stay resilient; failure isn’t the end, it’s the process. And always focus on value that lasts.

Don’t build for Demo Day. Build for the day when your solution becomes indispensable to your customers, even ten years from now. That’s how you create enduring companies.

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The financial landscape presents a compelling narrative of shifting tides and strategic recalibration as we navigate the final stretch of August. Recent developments emerging from Jackson Hole have fundamentally reshaped market expectations, creating a domino effect across asset classes that demands careful dissection.

Federal Reserve Chair Jerome Powell’s carefully calibrated remarks last Friday did far more than hint at potential policy shifts; they effectively slammed the door on prolonged restrictive monetary policy while opening a wide window for immediate easing.

This pivot represents a significant departure from the Fed’s previous stance and carries profound implications for investors globally. Market participants responded with characteristic speed, pushing major US indices to fresh record highs as the S&P 500 gained 1.52 per cent and the tech-heavy Nasdaq surged 1.88 per cent.

The Dow Jones Industrial Average joined this upward trajectory, climbing 1.89 per cent to touch uncharted territory, a development underscored by the US government’s strategic investment in a major semiconductor manufacturer, which provided additional tailwinds for industrial and technology sectors.

Inflation cools, optimism rises

This renewed optimism stems directly from Powell’s acknowledgement that inflation has sufficiently cooled to warrant policy adjustment. His speech deliberately avoided the cautious hedging that characterised previous communications, instead emphasising the Fed’s readiness to act decisively should inflation continue its descent toward the two per cent target.

The immediate market reaction proved remarkably consistent across fixed income and currency markets. Treasury yields tumbled across the curve with the benchmark 10-year note falling 7.4 basis points to 4.254 per cent, while the two-year note dropped 9.5 basis points to 3.696 per cent. This yield compression reflects investor conviction that the current restrictive policy stance is temporary.

Concurrently, the US Dollar Index retreated 0.92 per cent as capital flowed toward risk assets while gold prices rebounded one per cent on the dual catalysts of dollar weakness and heightened rate cut anticipation. These movements collectively signal a powerful shift in market psychology where the so-called Fed put, the implicit promise of central bank support during market stress, has been reactivated with unusual clarity.

Also Read: Blockchain technology: Revolutionising global payment solutions and cross-border remittance

Earnings season exposes a split reality

The earnings season provides a critical counterpoint to this macro optimism, revealing a more nuanced corporate reality beneath the surface. While the much-discussed Magnificent Seven technology giants delivered robust results exceeding lowered expectations, the broader market tells a different story. Analysis of S&P 500 earnings revisions shows a troubling pattern of downward adjustments for the remaining 493 companies.

This bifurcation creates a dangerous illusion where headline index performance masks underlying weakness in the economic mainstream. Investors now turn their attention to the final wave of quarterly reports from key technology players, including Nvidia, CrowdStrike, Snowflake, and Autodesk, alongside consumer stalwarts Lululemon and Dollar General.

These results will serve as crucial stress tests for both the technology sector’s growth trajectory and consumer resilience amid persistent inflationary pressures. The market eagerly awaits these reports not merely for individual company performance but for what they reveal about broader economic health and corporate pricing power.

Asia’s liquidity pressures and regional sentiment

Asian markets present their own complex dynamics, particularly Hong Kong’s interbank rate market, which has exhibited unusual volatility. The one-month Hong Kong Interbank Offered Rate Hibor has surged dramatically from 1.0 per cent on August 11 to 2.77 per cent as of August 22.

This sharp increase reflects significant tightening in short-term liquidity conditions, likely driven by seasonal funding demands and potential regulatory adjustments. Such movements warrant close monitoring as they can transmit stress through global financial channels.

Also Read: Jackson Hole looms: Can Powell save markets from a global risk meltdown?

Despite these regional headwinds, Asian equity markets opened higher during early trading sessions today, suggesting regional investors remain influenced by the broader risk-on sentiment emanating from Powell’s comments. Yet US equity index futures currently indicate a potential pullback at today’s open, introducing an element of caution that underscores the market’s fragile equilibrium.

Crypto’s reaction: from Bitcoin to Ethereum

The cryptocurrency sector experienced particularly dramatic fluctuations following Powell’s speech, creating a fascinating case study in market psychology and whale behaviour. Bitcoin initially surged above US$67 000 following the dovish Fed commentary as traders anticipated lower interest rates would boost risk asset valuations.

However, this rally proved short-lived with the digital asset subsequently declining approximately two per cent. Blockchain analytics firms identified significant movement by large holders shifting substantial Bitcoin positions into Ethereum, a trend that accelerated over the weekend.

Lookonchain data revealed one prominent wallet recently converted part of its 100,784 Bitcoin holdings to acquire 62,914 Ethereum tokens while simultaneously establishing a large derivatives position. This strategic rotation by major players suggests a fundamental reassessment of digital asset allocation priorities, where Ethereum increasingly appears as the preferred vehicle for institutional exposure to the crypto ecosystem.

Ethereum’s technical indicators present both opportunity and warning signs that demand careful interpretation. The cryptocurrency’s 30 day Market Value to Realised Value MVRV ratio has reached 15 per cent a threshold historically associated with profit taking and potential corrections.

Analytics firm Santiment explicitly warns that this constitutes a danger zone that could trigger selling pressure if Ethereum fails to break US$5,000 in the near term. Yet this short-term caution contrasts with the more favourable long-term MVRV ratio of 58.5 per cent, indicating substantial unrealised gains for patient holders.

Additional bullish signals include the declining supply of Ethereum held on exchanges, which suggests growing investor confidence and reduced immediate selling pressure. Combined with rising staking participation and expanding decentralised finance DeFi activity, these fundamentals position Ethereum as the structural cornerstone of the crypto economy rather than merely a speculative alternative.

Strategic imperatives for investors

For investors navigating this complex environment, several strategic imperatives emerge clearly.

Also Read: The intersection of tech and climate change: 5 key forces that will redefine the global market

First, the renewed viability of the Fed puts creates a tactical opportunity to accumulate quality assets during periods of volatility. Well-capitalised investors should view market pullbacks as entry points for fundamentally strong companies, particularly those demonstrating pricing power and resilient cash flows.

Second, the rotation from Bitcoin to Ethereum observed among major holders warrants serious consideration as it reflects a maturation of institutional crypto strategies. Dollar cost averaging into Ethereum provides a prudent approach to managing volatility while maintaining exposure to the asset’s long-term potential.

Third, investors should actively hedge existing cryptocurrency positions using options or futures contracts to protect against potential corrections, especially given the current MVRV warning signals.

Fourth, attention must remain fixed on Ethereum’s technological roadmap, where continued protocol upgrades like further implementation of EIP 4844 will drive sustainable value creation beyond mere speculation.

The road ahead: Volatility and value

The coming weeks will test the durability of this optimistic market posture as investors confront key data points, including the August CPI inflation report, consumer sentiment figures, and potential developments on trade policy. Historical precedent suggests September often brings increased market volatility; the current environment differs significantly from past cycles due to the Fed’s explicit commitment to policy normalisation.

While technical indicators show investor positioning has become somewhat extended, introducing near-term correction risks, the fundamental backdrop of potential rate cuts, combined with resilient corporate earnings, supports continued market advancement. The critical distinction this time involves the quality of the underlying assets driving the market.

Unlike previous cycles, where broad-based speculation fuelled gains, the current environment rewards careful stock selection focused on companies with demonstrable earnings power and sustainable competitive advantages.

This nuanced market landscape demands intellectual rigour and disciplined analysis from investors. The days of indiscriminate buying are over, replaced by an era requiring a granular understanding of both macroeconomic currents and individual company fundamentals.

Powell’s Jackson Hole speech has reset market expectations in profound ways, creating both opportunity and risk that will define investment outcomes for the remainder of 2024. Investors who combine patience with strategic precision while avoiding emotional reactions to short-term volatility will best position themselves to navigate the complex months ahead.

The market’s message is unambiguous: lower rates are coming, but their arrival does not guarantee universal gains. Success will belong to those who recognise that the Fed’s policy shift merely creates favourable conditions; the real work of identifying enduring value remains squarely the investor’s responsibility.

As we move toward September’s pivotal Federal Reserve meeting, the financial world watches with bated breath, knowing that the decisions made in the coming weeks will reverberate through markets for years to come.

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What does it take for a 10-person team to generate US$200M in annual recurring revenue? Or for a startup to reach US$250M ARR in under two years, without a massive fundraising round?

For Marc Manara, head of startups at OpenAI, the answer lies in a disciplined blend of speed, focus, and the intelligent use of AI infrastructure. Speaking at OpenAI x SCB 10X in Bangkok, Manara pulled back the curtain on how the company works with founders worldwide, and why its platform is becoming a launchpad for the next generation of market leaders.

From workflows to full-stack agents

Manara’s definition of an AI “agent” was intentionally functional: a workflow to guide behaviour, tools to expand capability, and guardrails to ensure appropriate, ethical outcomes. In his telling, agents are not novelties; they are the new operational backbone.

The real shift, he argued, will be from isolated AI functions to full-stack solutions capable of handling multi-step processes, integrating into existing workflows, and adapting across industries.

The 2025 investment lens

OpenAI’s priorities for the year ahead underscore this trajectory:

• Models and customisation
• An agents platform
• Multimodality

Multimodality, where text, audio, and images flow seamlessly through one system, is already reshaping product design. Manara framed it as a “first-class capability,” not an experimental feature.

Lean teams, outsized returns

Two examples dominated the discussion:

• Cursor: 20 employees, US$250M ARR in just 21 months
• Midjourney: 10 employees, US$200M ARR in two years

Both exemplify what Manara calls seedstrapping: building significant traction and revenue before pursuing large-scale funding. The model favours rapid iteration, tight feedback loops, and a relentless focus on product-market fit.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

Beyond the API

OpenAI’s engagement with startups goes far beyond providing API access. Programmes include:

• Enhanced concierge support: solution architects, account escalation, and dedicated office hours
• Exclusive resources: API credits, invite-only technical sessions, and “build hours” with OpenAI experts
• Direct influence: alpha and beta access to shape the product roadmap

This is underpinned by OpenAI’s internal loop: Research → Apply → Deploy → Repeat, which Manara urged founders to replicate.

For those paying close attention

Not everything shared in Bangkok was on the slides. Manara pointed to two resources that, while technically public, are rarely promoted and often overlooked: one on the emerging frontier of text-to-speech, and another on a discreet pathway to privileged access within OpenAI’s startup ecosystem.

I will share both with readers who follow me here on e27. Think of it as a private briefing for those who are actively paying attention.

A global play, from Bangkok

The keynote underscored a bigger truth: global-scale AI infrastructure is no longer a Silicon Valley monopoly. As OpenAI expands its reach into Southeast Asia, the advantage will go to founders who can not only access these capabilities but operationalise them faster than their peers.

Want the two “golden nuggets” I mentioned? Follow me here on e27 and I’ll send them to you directly. Sometimes, knowing where to look is the real advantage.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Enjoyed this read? Don’t miss out on the next insight. Join our WhatsApp channel for real-time drops.

Image courtesy of the author.

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e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights. As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Jaslyin Qiyu, Founder and Managing Director of Mad About Marketing Consulting. With over 20 years of B2B and B2C marketing experience across the Asia Pacific, she has led regional teams at global MNCs, including Citibank, EY, JLL, Kantar, Credit Suisse, and State Street.

At Mad About Marketing, Qiyu focuses on brand building, client experience, MarTech, and performance marketing, while championing flexible, fractional talent models that empower women to pursue both career and personal goals. She also serves on advisory and industry boards, including CX Networks, University College Dublin, Trigger-UNDP, and RSVP Singapore.

In the sections below, she reflects on her journey, the lessons he’s learned, and what keeps her going.

How I got here

The turning point for me came when I was advising a startup on their wealth tech platform’s customer journey and value proposition. Their genuine trust in my inputs, coupled with their dedication despite having limited resources, made me realise I could create more impact outside of traditional corporate structures.

That experience crystallised my frustration with the industry’s one-size-fits-all approach and inspired me to start Mad About Marketing Consulting, to democratise access to sophisticated marketing capabilities.

If I had to explain my work to a kid

I help companies show people how cool their products are, kind of like when you see a toy ad on TV that makes you say, “I want that!” I teach them how to tell stories so customers understand why their stuff is fun, useful, or special. It’s like being a matchmaker, helping the right people find the things they’ll really love.

Also Read: Leading through transformation: How CMOs and CEOs must evolve in the AI era

Lessons learned along the way

I used to think I had to feel “completely ready” before saying yes to new opportunities, so I turned down many roles because I thought I wasn’t qualified enough. Over time, I realised that real growth comes from solving real problems for real people, not from collecting more credentials.

My question shifted from “Am I qualified enough?” to “How can I create value while learning?” That change in mindset transformed my approach, from being cautious and over-preparing to stepping forward with confidence and contributing right away.

What more people should notice

There’s a dangerous misconception that generative AI can replace experienced marketing expertise. Too many startups think they can bypass hiring seasoned marketers by using AI tools to generate campaigns, content, and strategies without understanding fundamental customer psychology or market dynamics.

The result is often superficial marketing that lacks depth and misses the mark. The real opportunity lies in combining AI’s capabilities with experienced marketing leadership, where strategy, customer insight, and execution excellence create impact that AI alone cannot deliver.

Why I write

I have always been passionate about writing. In fact my childhood ambition was to be a writer! I also believe knowledge should be free and accessible to all, which is why AI powered research and info crawling has taken off so rapidly.

My writing often starts with real client challenges I’ve encountered and evolves into actionable insights others can use. At its core, my flow comes from a genuine belief that sharing knowledge creates positive ripple effects across the business community.

Also Read: How tech startups can attract Gen Z and millennials seeking flexibility and purpose

My advice for aspiring thought leaders

Here are a few principles I follow whenever I share my thoughts and experiences:

• Start with solving real problems rather than trying to sound impressive. Authenticity resonates more than jargon.
• Always explain complex ideas simply, because clarity demonstrates true understanding better than complexity.
• Share your failures and learning moments alongside successes. Vulnerability creates deeper connections and more valuable insights for your audience.

What drives my curiosity

All things spiritual and the universal realm, including what exists outside of what we can see with the human eye and mind.

Influences that shaped me

Growing up would be my parents and in terms of books, it’s mix of animal books by James Herriot and philosophical ones that prompted me to become naturally curious about the human mind and perception. One of the earliest books I read was Sophie’s World that got me really inspired to learn and read more about philosophy.

Take a look at Qiyu’s articles here for more insights and perspectives on her expertise.

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Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

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I was trained as a general practitioner. My early career began in rural clinics, working face-to-face with patients who often arrived late into illness, and sometimes too late for care. Some walked for hours just to reach the nearest facility. Many couldn’t afford the medicine. A few never came at all, out of fear, stigma, or the belief that nothing would change anyway.

Practising in those conditions changed how I understood health systems. The pathways that led people to care or kept them away from it entirely are so much deeper than just treatments or interventions. Distance, cost, shame, and bureaucracy are all systemic and technical obstacles, not human obstacles (and definitely not something your physicians can get rid of with a snap of their fingers). These obstacles existed long before diagnosis or treatment.

That experience stayed with me. It led me to ask harder questions about how health should work. It also led me into innovation, initially in ways that felt small. I started testing different approaches. I looked into patient vital sign self-check-ins, mobile consults, early screening tools, and how digital workflows could reduce drop-offs in care, even insurance products based on real cost and claim data (within our own beta population). But it didn’t take long to realise that the moment you try something new in healthcare, you run into friction.

That friction isn’t always direct from users (whether it’s physicians, health admins, or patients themselves, but rather it’s policy. Sometimes it’s culture, sometimes it’s just inertia. It becomes difficult to move fast when every step is bound by systems that were designed to minimise risk. That instinct makes sense in a clinical context. But it creates resistance when we’re trying to redesign the system itself.

This point in building user feedback and commencing trials with healthcare facilities or healthcare payors that have a sandbox for innovation is a lifesaver (for an early stage company like mine). We started integrating with other services to strengthen their reach, building mutual channel partnership. We saw how technology, when placed carefully, could expand care without increasing pressure on already overburdened systems. We focused on design that removed barriers for both patients and providers.

Now, I work more deeply with AI in healthcare. I see the same patterns re-emerging. We talk about scribing, supply chain coordination, clinical decision support, Software as a Medical Device (SaMD), and even risk modelling for population health. Each use case offers clear advantages. Yet the resistance often comes before the discussion starts.

Also Read: Decoding digital preferences: A glimpse into the future of health tech ecosystem in SEA

People worry about safety, scope, ownership, ethical review, and clinical validity. These concerns matter. But what I’ve observed is that this resistance isn’t stronger than any pushback we’ve seen before (new drugs, supplements, wearables, even robotic surgery; once faced the same level of pushback and some even scrutiny). Every medical innovation in history has gone through it, whether it was antiseptics, laparoscopic surgery, or digital health records. Change is often uncomfortable. But it is never new.

So what’s the real challenge?

Instead of calling it a blocker, I think we need to shift the frame. The misconception is that value is the main driver for innovation. Only after innovating you understand that it actually is about understanding regulation, workforce, education, procurement, reimbursement, and behaviour. Medical innovation becomes normalised when the whole ecosystem is ready to hold it and is aligned across multiple levels of influence (not a single breakthrough overnight).

I’ve seen AI pilots fail, especially because the workflows couldn’t adapt to the real-time day to day operations our healthcare workers face, not because the models. I’ve seen great tools ignored because they didn’t match how clinicians document cases. I’ve seen hospitals decline adoption because IT budgets weren’t structured to handle long-term updates or retraining. These are signals that we need better integration strategy and regulatory pathways (like any other new drug in the market).

Healthcare is complex because it should be. We are dealing with lives. We are dealing with trust. But complexity shouldn’t stop us from building. It should shape how we build.

Also Read: What telemedicine and Health Tech holds across SEA amidst COVID-19

In Southeast Asia, the opportunities are real. We have gaps that technology can help close. The transformation should starts with people who understand the gaps and are willing to build bridges. It starts with small, focused systems that can grow and scale. It starts with conversations that go beyond hype and address what readiness actually looks like. Once we understand that, product building now becomes problem solving deliveries on a deep level.

My path began in rural clinics. I now build for broader systems. The problems have changed shape, but the mission remains the same. Make care more reachable. Make care more trusted. Make care feel possible.

If we want AI in healthcare to succeed, we need to stop waiting for the perfect pilot. We need to understand what adoption truly takes. We need to stop labelling every pause as resistance, and start seeing it as part of a wider transformation journey. Every advancement in medicine required coordination. This one is no different.

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